Wed, Jan 28, 2009
my paper
Dipping into reserves is good move
THE $20.5-billion Resilience Package to help Singaporeans and companies tide over the recession is welcome news to citizens and investors.
As it is Chinese New Year, the move was a timely one, and most, if not all, people would treat the package as a hongbao. It is good that the Government has placed great stress on saving jobs and helping families. Property-tax rebates from government landlords and cheaper public-transport fares will also help during these difficult times.
Hopefully, businessmen can also chip in by lowering prices. However, there will still be unscrupulous stall owners who would have no qualms about charging more in spite of the goodies handed out by the Government. Dipping into the reserves was a well-thought-out, cautious move by the state in this unprecedented time of crisis.
Singapore would be in trouble now if the Government had dipped into the reserves during past crises, as exhorted by various opposition political leaders.
Now that the Government has come out with various measures to help everyone, Singaporeans must make a concerted effort to be more prudent in their spending, and treasure their jobs and gain better skills so that they will be prepared when the economy rebounds.
Mr Jeffrey Law Lee Beng
Since money can always be printed and redistributed to all.
Why should I work so hard ?
